We use a CES production function with no restrictions on technical bias to derive relationships between the growth in relative factor shares and (i) the capital to labor ratio and (ii) the ratio of marginal products. These relationships constitute a parsimonious specification used to identify...

The relative stability of aggregate labor's share constitutes one of the great macroeconomic ratios. However, relative stability at the aggregate level masks the unbalanced nature of industry labor's shares - the Kuznets stylized facts underlie those of Kaldor. We present a two-sector - one...

It is widely accepted that good institutions caused the massive increase in living standards enjoyed by ordinary people over the past two hundred years. But what caused good institutions? Scholars once pointed to the polycentric governance structures of medieval Europe, but this explanation has...

Austrian business cycle theory (ABCT) is a body of hypotheses embodying particularly Austrian insights and assumptions. The canonical variant associated with Mises (1934, 1963) and Hayek (1933, 1935) is particularly well-suited to the Great Depression. However, it is an inadequate account of the...

Why did the United States experience a housing and mortgage market boom and bust in the 2000s, while analogous Canadian markets were relatively stable? Both US and Canadian markets are replete with government interventions. In this paper, I account for the US and Canada’s different experiences...

We explore the relationship between economic freedom and inequality. We employ the Fraser Institute’s Economic Freedom of the World (EFW) index and country-level (i) decile income shares, (ii) decile income levels, and (iii) Gini coefficients. We address concerns for endogeneity and...

Scholars have argued that the politically fractured landscape of medieval Western Europe was foundational to the evolution of constitutionalism and rule of law. In making this argument, Salter and Young (2019) have recently emphasized that the constellation of political property rights in the...

Do the antitrust law enforcement activities of the US Department of Justice act as exogenous "technology shocks", an essential element of real business cycle theory that hitherto has eluded direct empirical corroboration, or as "markup shocks" limiting market power and promoting economic...